Getting your BAS right the first time saves you time, aggravation and money. To help get you started, here are tips to avoid 3 common mistakes.
- Mistake: Incorrectly account for the on-sale of imported goods.
Tip: When imported goods are on-sold, you need to report the sale on your BAS and account for GST, even if you’ve already paid GST on the importation.
- Mistake: Incorrectly classify exports.
Tip: A change in your Australian and International Commercial (Inco) delivery terms could mean that you’re no longer considered the exporter. If this happens, the GST becomes payable on the supply of the good or service.
- Mistake: Incorrectly classify supplies of services connected to Australia.
Tip: If a service is physically performed in Australia then GST law applies, even if the supplier or the recipient of the supply is outside Australia.